 "Orient Green Power Q1 results: Net profit jumps over 40% to Rs 13 cr")
Orient Green Power Company on Wednesday posted over 40 per cent rise in its consolidated net profit to Rs 13.05 crore in the June 2024 quarter.
The company reported a consolidated net profit of Rs 9.29 crore in the quarter ended on June 30, a BSE filing showed.
Its total income rose to Rs 68.39 crore in the quarter from Rs 67.82 crore a year ago.
Orient Green Power Managing Director and CEO T Shivaraman, in a statement, said the current quarter is a moderate one in terms of generation.
The delayed onset of wind at certain locations resulted in a marginal year-on-year reduction in revenues during the quarter.
However, he further stated that this is expected to be made up in the upcoming quarters.
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The approval of One Time Settlement (OTS) from the NCLT, Mumbai during the quarter contributed to the profits from discontinued operations, Shivaraman said.
"We have received the approvals for raising capital of about Rs 250 crore through a rights issue, and the issue is expected to open by the 27th of this month, through which we propose to venture into solar energy generation," he stated.
With the foray into solar energy, improved credit ratings and a strong customer base, the company expects to create sustainable growth and deliver returns, he added.